KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended higher on Wednesday on bargain hunting following the recent sell-off, ahead of Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) decision on Thursday. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.20 points 1,708.74, compared with Tuesday’s close of 1,700.54. The benchmark index opened 0.42 of a point better at 1,700.96 and fluctuated between 1,695.89 and 1,709.71 throughout the day. On the broader market, losers trounced gainers 746 to 424, while 554 counters were unchanged, 1,048 untraded and 17 suspended. Turnover declined to 4.20 billion units valued at RM3.52 billion from 5.52 billion units valued at RM4.42 billion on Tuesday.
Quick Summary DBS, OCBC, UOB and CIMB among bidders HSBC Indonesia retail assets valued at >US$200m Binding bids reportedly due mid-March Move reflects Southeast Asia expansion push Major Banks Target HSBC’s Indonesia Exit Some of Asia’s largest lenders are preparing bids for HSBC Holdings ’s retail assets in Indonesia, according to Bloomberg sources. Potential bidders include: DBS Group Holdings Oversea-Chinese Banking Corp (OCBC) United Overseas Bank (UOB) CIMB Group Holdings Sumitomo Mitsui Financial Group The assets could fetch more than US$200 million (RM777m) . Key point: Indonesia’s banking sector is heating up as global lenders retreat and regional giants expand. Why HSBC Is Selling Under CEO Georges Elhedery , HSBC has: Streamlined operations Cut management layers and jobs Reorganised into four core divisions Conducted targeted reviews in Australia, Indonesia and Egypt HSBC Indonesia: ~2,300 employees 28 branches Serves c...